Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EURONEXT NV. We currently have 10 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
15 Feb 17
Euronext released its FY2016 results this morning. Once again the beat at the bottom-line was driven by another strong quarter of cost management. Total income at €496.4m is roughly in line with both consensus expectations and ours. Total expenses at €227.6m are lower than the €232m expected. All in all and thanks to lower tax expenses, net income at €197m is 7.6% higher than expectations and 4.2% higher than our own expectations.
03 Jan 17
Euronext announced this morning it had made an irrevocable cash offer to acquire the French central counterparty clearing house (CCP) LCH.Clearnet SA, the French arm of the LCH.Clearnet Group, 57% of which is currently owned by the London Stock Exchange Group (LSEG) while the other 43% is owned by a group of banks. Euronext will eventually acquire 100% of the French CCP. Based on this and the current price of €510m (versus €600-650m estimated previously), the deal is double-digit accretive. Euronext will incur about €40m in restructuring charges for cost synergies amounting to €13m which are to be fully-delivered by 2022.
LCH.Clearnet SA: beyond a plain leverage and costs story...
21 Dec 16
Euronext is in exclusive talks with the London Stock exchange group (LSEG) for the purchase of the central counterparty clearing house (CCP) LCH.Clearnet SA, a subsidiary of LCH.Clearnet Group. The sales of the French entity had already been announced in the frame of the LSEG/DB merger as a way to alleviate fears regarding competition issues in the post-trading activities. The operation is therefore entirely dependent on the LSEG/DB merger. NASDAQ and CME were also interested in CCP. But with Euronext being one of LCH.Clearnet SA’s main source of revenues, this put both NASDAQ and CME at risk of losing this source of revenues. We expect the deal to be entirely financed with cash (through the issue of debt).
It's all good!
28 Jul 16
Euronext released this morning its earnings for Q2 16. EBITDA was 15% higher than expected driven by both higher revenues and lower costs than expected by the consensus (and our own expectations). The EBITDA margin for Q2 16 is therefore 5.5% higher than the company-compiled consensus of 58.7%.
Earnings totally in line with expectations
12 May 16
Euronext released its Q1 16 earnings this morning. Revenues and clean expenses are in line with expectations leading to a 54.5% EBITDA margin. Euronext will hold its first Investor Day “Agility for growth” tomorrow. We hope for new catalysts especially on the capital side (more dividends or a coherent M&A strategy).
More clarity required
11 May 16
This morning Euronext announced it had reached an agreement with the Dutch Ministry of Finance on Euronext’s prudent requirements. At first glance this looks rather positive for Euronext, as a long-term positive tangible equity is required. We need however more clarity regarding the different constraints imposed when tangible equity is negative. Fortunately, Euronext will release its Q1 16 earnings tomorrow and will host its first investor day on Friday.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.